Cintas
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| Cintas Corporation | |
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| Type | Public |
| Founded | 1968 |
| Headquarters | Cincinnati, OH |
| Key people | Scott T. Farmer, President and CEO |
| Industry | Service |
| Employees | 34,000 (2007) |
| Website | www.cintas.com |
Cintas Corporation (NASDAQ: CTAS), based in Mason, Ohio, is a publicly traded company which operates more than 400 facilities throughout North America. The company provides highly specialized services to businesses, including the design and manufacturing of corporate identity uniform programs, entrance mats, restroom supplies, promotional products, first aid and safety products, fire protection services and document management services to approximately 800,000 businesses.[1]
The company has grown consistently for the past 38 consecutive years. Growth has been both organic and from acquisitions large and small. Revenue in 2007 was $3.7 Billion and Net Income $335 Million [2]. The company is the largest in the industry with 34,000 employees. They have garnered industry awards from publications such as FORTUNE magazine in the USA, which named Cintas "Most Admired Company" for the past eight consecutive years, and Report on Business Magazine, naming the company one of Canada's Best Employers.
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[edit] History
Headquartered in Cincinnati, OH, Cintas Corporation began in 1929 as the Acme Industrial Laundry Company by Richard (Doc) Farmer, a circus prizefighter. He collected chemical-soaked rags from factories and washed and returned them for a fee. His grandson Richard T. Farmer joined the family business in 1956 after graduating from Miami University of Ohio. Richard saw the growth in uniform rentals and helped sales zoom from $300,000 in 1959 to $847,000 in 1963.
Farmer also tried products that were new at the time such as fabrics that resisted wrinkles and stains to grow the company to an almost 30% market share in uniforms. Cintas' recent growth has been primarily through its acquisition of more than 220 companies, eliminating overhead and cutting costs. Today Cintas has bought itself into markets such as First Aid and Safety, Document Management, Fire Protection, and Facility Services.
[edit] Corporate governance
Current members of the board of directors of Cintas are: Joyce Hergenhan, Gerald S. Adolph, Paul R. Carter, Gerald V. Dirvin, Richard T. Farmer, Scott D. Farmer, Roger L. Howe, Robert J. Kohlhepp, David C. Phillips.
The company recently has made changes in its bylaws that affect how board members are elected. The company's latest 8-k report states that directors must be elected by a majority of votes cast. The company had opposed that proposal, which was presented at its annual meeting in October 2006 by the Carpenters Union. [3]
[edit] Criticism
In 2003, UNITE HERE and the International Brotherhood of the Teamsters launched a corporate campaign against Cintas, alleging unfair labor practices. Following the death of a Tulsa, Oklahoma, worker in March 2007, both unions and several Members of Congress have called for stricter health and safety standards at the company's laundries. [4] [5] In May 2007, Cintas hired a Washington, D.C.-based lobbying firm, the Podesta Group, to manage their relations with Congress[6].
[edit] References
- ^ 3rdQtrFY07IncomeStatement.xls
- ^ http://library.corporate-ir.net/library/64/648/64884/items/214112/AR2006.pdf
- ^ The Enquirer - This article is no longer available
- ^ http://news.cincypost.com/apps/pbcs.dll/article?AID=/20070317/NEWS01/703170349
- ^ House Leaders Want Cintas Inquiry
- ^ FSM - The Source for Workplace Safety
